U.S. eyes transpacific free trade deal with four nations

U.S. eyes transpacific free trade deal with four nations The United States has begun negotiations with Singapore, Brunei, New Zealand and Chile to join those four nations’ Trans-Pacific Strategic Economic Partnership, a free trade pact that went into effect in 2006.
   U.S. Trade Representative Susan Schwab met with government trade officials from the other four nations (called the P-4 nations) last week to begin negotiations. The first round of formal negotiations on joining the Trans-Pacific Partnership are scheduled for early 2009.
   “This regional agreement sets a high standard that will enhance the competitiveness of the countries that are part of it and help facilitate trade and promote investment between them, increasing their economic growth and development,” said a press release from Schwab’s office. “The Trans-Pacific partners welcomed the addition of the United States as a significant step forward in advancing this goal. The Trans-Pacific Partnership members also noted that discussions are underway with other countries that have expressed interest in potentially joining the agreement.”
   Officials at the National Foreign Trade Council applauded the beginning of discussions on joining the free trade deal.
   “Given the uncertain state of the global economy, today’s news is a welcome development and serves as an important stepping stone in laying the foundation for increased trade and investment between the United States and four of our Asia Pacific partners,” said NFTC President Bill Reinsch.
   “Entering into an agreement with the P-4 countries offers an opportunity to open and expand access to a critically important region of the world,” added Chuck Dittrich, NFTC vice president for regional trade initiatives. “The Asia Pacific region has successfully negotiated and put into force more than 100 bilateral and regional agreements to date, and it is in the United States’ best interest to further build and expand relations with the P-4 nations.”